HB 2276

HOUSE OF REPRESENTATIVES
H.B. NO.
2276
THIRTY-THIRD LEGISLATURE, 2026
H.D. 1
STATE OF HAWAII
S.D. 1
A BILL FOR AN ACT
RELATING TO THE HAWAII
EMPLOYER-UNION HEALTH BENEFITS TRUST FUND INVESTMENT OFFICE STAFF SALARIES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
���� SECTION 1.� The
legislature finds that salaries for investment professionals in the private
sector far outpace those offered in state employment, making it difficult to
attract and retain qualified investment staff.�
The legislature further finds that, in order for the board of trustees
of the Hawaii employer-union health benefits trust fund to effectively recruit
and retain the most capable individuals to invest and manage its $9,500,000,000
investment portfolio, the board should be allowed to establish appropriate
salaries for the trust fund's investment office staff.
���� Accordingly, the purpose of this Act is to
authorize the board of trustees of the Hawaii employer-union health benefits
trust fund to establish salaries for the trust fund investment office personnel
that are commensurate with the private sector.
���� SECTION 2.�
Section 87A-24, Hawaii Revised Statutes, is amended to read as follows:
���� "�87A-24� Other powers.� In addition to the power to administer the
fund, the board may:
���� (1)� Collect,
receive, deposit, and withdraw money on behalf of the fund;
���� (2)� Invest
moneys in the same manner specified in section 88-119;
���� (3)� Hold,
purchase, sell, assign, transfer, or dispose of any securities or other
investments of the fund, as well as the proceeds of those investments and any
money belonging to the fund;
���� (4)� Appoint,
and at pleasure dismiss, an administrator and other fund staff.� The administrator shall be exempt from
chapter 76.� Other fund staff may be
exempt from chapter 76 as determined by the board.� The administrator and staff who are exempt
from chapter 76 shall serve under and at the pleasure of the board; provided
that civil service exempt positions under this section that are created after
July 1, 2014, shall be exempt from section 76-16(b)(17)(A); provided
further that the salaries of the administrator [[and]],
chief investment officer, investment officers, and investment analysts shall
be set by the board[[;]] after conducting a
market analysis of commensurate salaries in the private sector;
���� (5)� Make
payments of periodic charges and pay for reasonable expenses incurred in
carrying out the purposes of the fund;
���� (6)� Contract
for the performance of financial audits of the fund and claims audits of its
insurance carriers;
���� (7)� Retain
auditors, actuaries, investment firms and managers, benefit plan consultants,
or other professional advisors to carry out the purposes of this chapter,
including the retaining of an actuary to determine the annual required public
employer contribution for the separate trust fund established under section
87A-42;
���� (8)� Establish
health benefits plan and long-term care benefits plan rates that include
administrative and other expenses necessary to effectuate the purposes of the
fund; and
���� (9)� Require
any department, agency, or employee of the State or counties to furnish
information to the board to carry out the purposes of this chapter."
���� SECTION 3.�
Statutory material to be repealed is bracketed and stricken.� New statutory material is underscored.
���� SECTION 4.�
This Act shall take effect on July 1, 3000.
Report Title:
Hawaii Employer-Union Health Benefits Trust Fund;
Investment Office Staff Salary Determination
Description:
Enables the Board of Trustees of the Hawaii Employer-Union
Health Benefits Trust Fund to establish appropriate salaries for the investment
office staff of the Trust Fund after conducting a market analysis of
commensurate salaries in the private sector.�
Effective 7/1/3000.� (SD1)
The summary description
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not legislation or evidence of legislative intent.